Exhibit 99.1
| NEWS RELEASE | Contact: |
|
Wade K. Kodama wkodama@kapalua.com |
MAUI LAND & PINEAPPLE COMPANY, INC. REPORTS 3rd QUARTER 2022 RESULTS
KAPALUA RESORT, Hawaii, November 2, 2022 (BUSINESS WIRE) --
Maui Land & Pineapple Company, Inc. (NYSE: MLP) (the “Company”) reported a net loss of $124,000, or $0.01 per share, for the third quarter of 2022, compared to a net loss of $139,000, or $0.01 per share, for the third quarter of 2021. Total operating revenues of approximately $2.6 million and $2.4 million were recognized during the three months ended September 30, 2022 and 2021, respectively.
For the nine months ended September 30, 2022, the Company reported net income of $9.8 million, or $0.50 per share, compared to net income of $0.8 million, or $0.04 per share, for the nine months ended September 30, 2021. Total operating revenues of approximately $18.8 million and $9.4 million were recognized during the nine months ended September 30, 2022 and 2021, respectively.
In August 2022, a voluntary contribution of $5.7 million was made to fund the Company’s defined benefit pension plan to further annuitize certain of the plan’s obligations.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and its operating results will be available on its Form 10-Q filed with the Securities and Exchange Commission and its website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, agricultural and industrial real estate. The Company owns approximately 22,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
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Page 2
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
|
Three Months Ended |
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2022 |
2021 |
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(in thousands except |
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per share amounts) |
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OPERATING REVENUES |
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|
Leasing |
$ | 2,330 | $ | 2,184 | ||||
|
Resort amenities and other |
221 | 253 | ||||||
|
Total operating revenues |
2,551 | 2,437 | ||||||
|
OPERATING COSTS AND EXPENSES |
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Real estate |
117 | 67 | ||||||
|
Leasing |
869 | 784 | ||||||
|
Resort amenities and other |
330 | 304 | ||||||
|
General and administrative |
661 | 612 | ||||||
|
Share-based compensation |
302 | 365 | ||||||
|
Depreciation |
280 | 300 | ||||||
|
Total operating costs and expenses |
2,559 | 2,432 | ||||||
|
OPERATING INCOME (LOSS) |
(8 | ) | 5 | |||||
|
Pension and other post-retirement expenses |
(114 | ) | (116 | ) | ||||
|
Interest expense |
(2 | ) | (28 | ) | ||||
|
NET LOSS |
$ | (124 | ) | $ | (139 | ) | ||
|
Other comprehensive income - pension, net |
156 | 221 | ||||||
|
TOTAL COMPREHENSIVE INCOME |
$ | 32 | $ | 82 | ||||
|
NET LOSS PER COMMON SHARE-BASIC AND DILUTED |
$ | (0.01 | ) | $ | (0.01 | ) | ||
Page 3
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(UNAUDITED)
|
Nine Months Ended |
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|
2022 |
2021 |
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(in thousands except |
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|
per share amounts) |
||||||||
|
OPERATING REVENUES |
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|
Real estate |
$ | 11,600 | $ | 2,700 | ||||
|
Leasing |
6,559 | 5,947 | ||||||
|
Resort amenities and other |
628 | 799 | ||||||
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Total operating revenues |
18,787 | 9,446 | ||||||
|
OPERATING COSTS AND EXPENSES |
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|
Real estate |
913 | 618 | ||||||
|
Leasing |
2,608 | 2,495 | ||||||
|
Resort amenities and other |
1,170 | 994 | ||||||
|
General and administrative |
2,177 | 1,904 | ||||||
|
Share-based compensation |
958 | 1,084 | ||||||
|
Depreciation |
830 | 902 | ||||||
|
Total operating costs and expenses |
8,656 | 7,997 | ||||||
|
OPERATING INCOME |
10,131 | 1,449 | ||||||
|
Other income |
- | 13 | ||||||
|
Pension and other post-retirement expenses |
(343 | ) | (348 | ) | ||||
|
Interest expense |
(5 | ) | (94 | ) | ||||
|
INCOME FROM CONTINUING OPERATIONS |
9,783 | 1,020 | ||||||
|
Loss from discontinued operations, net |
- | (214 | ) | |||||
|
NET INCOME |
$ | 9,783 | $ | 806 | ||||
|
Other comprehensive income - pension, net |
468 | 663 | ||||||
|
TOTAL COMPREHENSIVE INCOME |
$ | 10,251 | $ | 1,469 | ||||
|
EARNINGS PER COMMON SHARE-BASIC AND DILUTED |
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Income from Continuing Operations |
$ | 0.50 | $ | 0.05 | ||||
|
Loss from Discontinued Operations |
$ | - | $ | (0.01 | ) | |||
|
Net Income |
$ | 0.50 | $ | 0.04 | ||||
Page 4
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
|
September 30, |
December 31, |
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2022 |
2021 |
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|
(unaudited) |
(audited) |
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(in thousands except share data) |
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ASSETS |
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CURRENT ASSETS |
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Cash |
$ | 11,074 | $ | 5,596 | ||||
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Restricted cash |
241 | - | ||||||
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Accounts receivable, net |
1,127 | 1,103 | ||||||
|
Prepaid expenses and other assets |
657 | 333 | ||||||
|
Assets held for sale |
3,019 | 3,144 | ||||||
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Total current assets |
16,118 | 10,176 | ||||||
|
PROPERTY & EQUIPMENT, NET |
16,157 | 16,998 | ||||||
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OTHER ASSETS |
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Deferred development costs |
9,566 | 9,564 | ||||||
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Other noncurrent assets |
1,189 | 1,181 | ||||||
|
Total other assets |
10,755 | 10,745 | ||||||
|
TOTAL ASSETS |
$ | 43,030 | $ | 37,919 | ||||
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LIABILITIES & STOCKHOLDERS' EQUITY |
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LIABILITIES |
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CURRENT LIABILITIES |
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Accounts payable |
$ | 629 | $ | 580 | ||||
|
Payroll and employee benefits |
813 | 949 | ||||||
|
Accrued retirement benefits, current portion |
142 | 142 | ||||||
|
Deferred revenue, current portion |
518 | 217 | ||||||
|
Other current liabilities |
476 | 509 | ||||||
|
Total current liabilities |
2,578 | 2,397 | ||||||
|
LONG-TERM LIABILITIES |
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Accrued retirement benefits, net of current portion |
2,015 | 7,937 | ||||||
|
Deferred revenue, net of current portion |
1,533 | 1,633 | ||||||
|
Deposits |
2,185 | 2,309 | ||||||
|
Other noncurrent liabilities |
53 | 53 | ||||||
|
Total long-term liabilities |
5,786 | 11,932 | ||||||
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TOTAL LIABILITIES |
8,364 | 14,329 | ||||||
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS' EQUITY |
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Preferred stock--$.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding |
- | - | ||||||
|
Common stock--$.0001 par value and no par value at September 30, 2022 and December 31, 2021, respectively; 43,000,000 shares authorized; 19,459,558 and 19,383,288 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively |
83,203 | 82,378 | ||||||
|
Additional paid-in-capital |
9,184 | 9,184 | ||||||
|
Accumulated deficit |
(42,541 | ) | (52,324 | ) | ||||
|
Accumulated other comprehensive loss |
(15,180 | ) | (15,648 | ) | ||||
|
Total stockholders' equity |
34,666 | 23,590 | ||||||
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY |
$ | 43,030 | $ | 37,919 | ||||